Amidst chaos, the Lok Sabha yesterday passed The Taxation Law (2nd Amendment) Bill, 2016. This bill was passed within minutes, making it the first legislative business bill to be passed in the two week-old winter session in which the opposition has been creating a ruckus. However, the Rajya Sabha failed to do any business because of the uproar that was caused by the Demonetisation. It is a second chance provided to the black money hoarders by the government. So that they can declare black money and convert it to white.
Amidst the session the opposition were shouting slogans Azaadi style. The Finance Minister Arun Jaitley, said, “The bill will give means to the government of India to run schemes like Garib Kalyan Kosh. I urge the House to accept the amendments,” while moving the bill for consideration and passing. He also said the bill was brought to notice as people started exchanging old demonetised notes of Rs. 500 and Rs. 1000 illegally.
As per the proposed amendment, those who are changing money illegally and get caught will have to pay 60 percent and tax penalties that will come up to 85 percent. Those who disclose black money directly to the banks will have to pay only 50 percent tax, that includes surcharge and penalty. In the remaining 50 percent of the declared black money, 25 percent will be refunded immediately and the remaining 25 percent will be refunded after 4 years. Some of the amendments that were moved by the opposition were rejected as they couldn’t get the President’s approval
Though two amendments of opposition by N.K. Premchandran (RSP) and B. Mahtab (BJD) were allowed. Premchandran of RSP, refused to move the amendment as he was shouting slogans, Mahtab’s was negated by a voice vote. Speaker Sumitra Mahajan said since the bill is of urgent public importance, it has to be passed immediately. Though she wanted a debate, she said “it is impossible” because of the behavior of the opposition members.
